The adjusted trial balance columns of the worksheet for Boozer Company are as follows. Instructions(a) Complete the
Question:
The adjusted trial balance columns of the worksheet for Boozer Company are as follows.
Instructions(a) Complete the worksheet by extending the balances to the financial statement columns.(b) Prepare an income statement, owner's equity statement, and a classified balance sheet. $5,000 of the notes payable become due in 2013. C. Boozer did not make any additional investments in the business during 2012.(c) Prepare the closing entries. Use J14 for the journal page.(d) Post the closing entries. Use the three-column form of account. Income Summary is account No. 350.(e) Prepare a post-closing trialbalance.
BOOZER COMPANY Worksheet For the Year Ended December 31, 2012 Adjusted Trial Balance Account Account Titles No. Dr. Cr. 18,800 101 Cash 112 126 Accounts Receivable 16,200 Supplies Prepaid Insurance Equipment Accumulated Depreciation- Equipment Notes Payable Accounts Payable Salaries and Wages Payable Interest Payable Owner's Capital Owner's Drawings 2.300 130 4.400 151 46,000 152 20,000 200 20,000 201 8,000 2,600 212 230 1,000 301 26,000 306 12,000 400 Service Revenue 87.800 10,000 610 Advertising Expense Supplies Expense Depreciation Expense Insurance Expense Salaries and Wages Expense Interest Expense 631 3,700 711 8,000 722 4,000 726 39,000 905 1,000 165,400 165.400 Totals
Step by Step Answer:
a BOOZER COMPANY Partial Worksheet For the Year Ended December 31 2012 Account Adjusted Trial Balance Income Statement Balance Sheet No Titles Dr Cr Dr Cr Dr Cr 101 Cash 18800 18800 112 Accounts Recei...View the full answer
Accounting Principles
ISBN: 978-0470534793
10th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Related Video
A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
Students also viewed these Accounting questions
-
The adjusted trial balance columns of the worksheet for Bleecker Street, Ltd., owned by Raymond Pearson, are as follows. Instructions (a) Complete the worksheet by extending the balances to the...
-
The adjusted trial balance columns of the worksheet for Thao Company, owned by D. Thao, are as follows. Instructions (a) Complete the worksheet by extending the balances to the financial statement...
-
The adjusted trial balance columns of the worksheet for Goode Company are as follows. InstructionsComplete theworksheet. GOODE COMPANY Worksheet (partial) for the Month Ended April 30, 2010 Adjusted...
-
Write a static method lg() that takes an int argument n and returns the largest integer not larger than the base-2 logarithm of n. Do not use the Math library.
-
Your firm is considering developing business in South America. Many in your company are aware that there is considerable economic cooperation currently underway in the region. Identify at least one...
-
Layton measures the voltage across different numbers of batteries placed end to end. He records his data in a table. a. Let x represent the number of batteries, and let y represent the voltage. Find...
-
Little People Learning Center (LPLC) has assembled the following data for the year ended June 30, 2005. Prepare the operating activities section of LPLC's statement of cash flows for the year ended...
-
What is the West?" discusses the evolving ideas of western civilization and the questions one should ask when studying it. Reflect on these ideas and how one should analyze the materials of the...
-
You purchased 100 shares of Loblaws stock on margin at a price of $49 a share. You deposited $2940 into the account and the required margin is 30%. How low can the stock price go before you receive a...
-
Riley Company paid $60,000 cash to purchase land from Clay Company. Clay originally paid $60,000 for the land. Required a. Did this event cause the balance in Rileys cash account to increase,...
-
Omer Asik began operations as a private investigator on January 1, 2012. The trial balance columns of the worksheet for Omer Asik, P.I. at March 31 are as follows. Other data:1. Supplies on hand...
-
The completed financial statement columns of the worksheet for Carlos Company Instructions(a) Prepare an income statement, owner??s equity statement, and a classified balance sheet.B. Carlos made an...
-
The adjusted trial balance for Prias Music Lessons follows: Required 1. Journalize the closing entries of Prias Music Lessons at December 31, 2023. Include explanations. 2. How much net income or net...
-
Read the recent article in the New York Times regarding Patagonias recent announcment that it's owners are "giving away the company": 1. Do you think Patagonia's action will have a positive, material...
-
Are bonds part of Modern Portfolio Theory? Can a portfolio manager employ the security market line (SML) or the capital market line (CML) to bond returns? Is a beta measure is a proper measure of...
-
Sail Safe currently sells motor boats for $ 6 0 , 0 0 0 . It has costs of $ 4 6 , 5 0 0 . A competitor is bringing a new motor boat to the market that will sell for $ 5 5 , 0 0 0 . Management...
-
when can a LIFO method be recommended for a business?
-
The EOQ model equals the square root of the (1) twice the demand times the cost per order, (2) divided by periodic carrying cost per unit. If the annual demand increase by 4%, the EOQ win increase...
-
In the graph in Figure \(P 2. 12\), determine (a) the displacement of the object and \((b)\) the distance the object traveled. Data from Figure P2.12 x (m) 8 6 2 0 0 20 20 40 60 80 t(s)
-
A researcher reports a significant two-way between-subjects ANOVA, F(3, 40) = 2.96. State the decision to retain or reject the null hypothesis for this test.
-
1. Economics studies choices that arise from one fact. What is that fact? 2. Provide three examples of wants in the United States today that are especially pressing but not satisfied. 3. In the...
-
What are the reasons that corporations invest in securities?
-
(a) What is the cost of an investment in bonds? (b) When is interest on bonds recorded?
-
Tino Martinez is confused about losses and gains on the sale of debt investments. Explain to Tino (a) How the gain or loss is computed, and (b) The statement presentation of the gains and losses.
-
A 0.8 liter of boiled water at 100C is poured into an adiabatic mug in an air-conditioned hotel room of 25C. An educational Stirling engine is placed onto the mug, whereby it receives the heat from...
-
During the month of February, Riverbed Corp\'s employees earned wages of $ 8 6 0 0 0 . Withholdings related to these wages were $ 6 5 7 9 for FICA, $ 1 5 6 2 0 for federal income tax, and $ 4 1 8 0...
-
Power Drive Corporation designs and produces a line of golf equipment and golf apparel. Power Drive has 1 0 0 , 0 0 0 shares of common stock outstanding as of the beginning of 2 0 2 4 . Power Drive...
Study smarter with the SolutionInn App